The data paints an even bleaker picture: studies show that 96 percent of consumers are concerned about data privacy, but if a company sends irrelevant info, 65 percent of consumers will unsubscribe from their mailing list, 47 percent will ignore all future communications, 16 percent will stop purchasing products from the company, and 11 percent will complain about the company to others.
So how do these two seemingly contradicting concepts come together for businesses in our data filled world?
Instant gratification and the on-demand economy
While it may seem unrelated, the on-demand economy and desire for instant gratification by many consumers actually fuels their desires for more personalization. Consumers are now moving through the customer journey faster than ever.
Their journey is no longer defined by lengthy stages, but micro moments -- which when personalized ensure repeat business. In order for businesses to appeal to buyers in these micro moments, they must have a firm understanding of psychology and be able to analyze large amounts of data using tools like SQream. Using the insights gained from the data and pairing it with psychology will give them the power to create accurate personas and journey maps which will help guide personalization.
The importance of choice
Choice is the most important consideration for consumers when it comest to personalization and privacy. Google’s blunder with adding code that could record user conversations (used for their “Ok, Google” feature) wasn’t the code itself or it’s potential to invade privacy, but rather the fact that it was added to chrome without user’s choice. If Google had a simple opt in, opt out for the feature before installing the code, people would have been more comfortable as they were empowered in the scenario.
An example you can learn from
Here’s an example that may help guide you on how to create a more personal experience without triggering consumer’s privacy concerns:
By analyzing shoppers buying habits, target was able to come up with a list of 25 items that signal a women may be in her second trimester of pregnancy. Using this data, they would send personalized coupons containing baby items to soon to be moms, but they quickly realized that moms didn’t appreciate the feeling of being spied on, so to fix the situation they simply added irrelevant coupons so it’d appear that everything was at random, giving the illusion of privacy while still personalizing the experience.
Points to remember
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